Adicet Bio appoints new board member with autoimmune expertise

REDWOOD CITY, Calif. & BOSTON - Adicet Bio, Inc. (NASDAQ:ACET), a biotechnology firm specializing in gamma delta T cell therapies, announced today the addition of Dr. Lloyd Klickstein to its Board of Directors. Dr. Klickstein brings extensive experience in rheumatology, immunology, and drug development, which is expected to be beneficial as the company advances its autoimmune programs.

The company's President and CEO, Chen Schor, expressed confidence in Dr. Klickstein's ability to contribute to Adicet's mission, citing his previous role at the company and his scientific knowledge of its T cell platform. Dr. Klickstein, who currently serves as President and CEO of Koslapp Therapeutics, Inc., is also the Board Chair of the Lupus Foundation of New England and co-founder of Versanis Bio, Inc., which was acquired by Eli Lilly (NYSE:LLY) and Co.

Adicet Bio is developing a pipeline of "off-the-shelf" gamma delta T cells, engineered with chimeric antigen receptors (CARs), for treating autoimmune diseases and cancer. The company's proprietary platform is being leveraged to potentially create groundbreaking therapies for these indications.

Dr. Klickstein's career spans over two decades in the biopharmaceutical industry and includes leadership roles at Novartis (SIX:NOVN) Institutes for Biomedical Research, where he oversaw the development of innovative programs across various therapeutic areas. He has also served as an academic physician-scientist at Brigham and Women's Hospital and holds degrees from Tufts University and Harvard University.

While the press release includes forward-looking statements regarding the growth and potential of Adicet's therapies and the impact of Dr. Klickstein's board membership, these are subject to a number of risks and uncertainties. These include the unpredictable nature of clinical studies and regulatory approval processes, as well as the impact of global economic conditions and public health emergencies on the company's operations.

This news is based on a press release statement from Adicet Bio, Inc. and does not include any commentary or speculation regarding the broader implications for the industry or the company's future performance.

In other recent news, Adicet Bio has received substantial attention due to a series of promising developments. The company's second-quarter earnings were highlighted by BTIG, which maintained a Buy rating for Adicet Bio, emphasizing its progress in expanding clinical development for its autoimmune treatment ADI-001. The firm's confidence in Adicet Bio's strategic clinical advancements was reflected in the reiterated Buy rating and price target.

Adicet Bio has expanded the scope of ADI-001's clinical development beyond lupus nephritis, now including systemic lupus erythematosus, systemic sclerosis, and anti-neutrophil cytoplasmic autoantibody-associated vasculitis. The company has initiated activities at multiple clinical sites following Investigational New Drug clearances. Patient enrollment for the Phase I study in lupus nephritis is expected to commence soon.

The U.S. Food and Drug Administration granted Fast Track Designation to Adicet Bio's investigational therapy ADI-001, aimed at treating relapsed or refractory lupus nephritis. This designation expedites the development and review of drugs for severe conditions and unmet medical needs. The company is also preparing to launch a Phase 1 clinical trial of ADI-270, a pioneering gamma delta CAR T cell therapy candidate for the treatment of relapsed or refractory renal cell carcinoma.

Adicet Bio's commitment to advancing its research and development efforts in the field of cancer therapy and autoimmune diseases is evident in these recent developments. The company's pipeline includes off-the-shelf gamma delta T cells engineered with chimeric antigen receptors to potentially provide durable activity in patients. These advancements underscore the company's dedication to addressing a range of autoimmune diseases and cancers.

InvestingPro Insights

Adicet Bio, Inc. (NASDAQ:ACET) has been navigating a challenging market environment, as evidenced by the latest data from InvestingPro. The company's market capitalization stands at $126.07 million, reflecting the market's current valuation of the biotech firm. Despite the expertise added to its board, Adicet Bio's financial metrics indicate some potential concerns for investors. The adjusted P/E ratio for the last twelve months as of Q2 2024 is -1.05, suggesting that the company is not currently generating profits relative to its share price.

InvestingPro Tips highlight that Adicet Bio holds more cash than debt on its balance sheet, which is a positive sign for financial stability. Additionally, the company's liquid assets exceed its short-term obligations, indicating a strong liquidity position to meet immediate financial needs. However, it's important to note that analysts do not expect the company to be profitable this year, and the stock has experienced significant volatility, with a 47.96% drop over the last six months.

The InvestingPro product offers a comprehensive list of additional tips, with 9 more insights available for Adicet Bio, which could be crucial for investors looking to understand the full picture of the company's financial health and market performance.

As Adicet Bio continues to develop its innovative gamma delta T cell therapies, these financial insights and metrics will be vital for stakeholders to monitor the company's progress and make informed investment decisions.

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